Leaning on best practices as a base for meeting the change demand challenge.
Here a sample view from the financial sector, but the call for change is similar in all industries:
- Some of the regulatory requirements are in essence not formulating new requirements.
- Take BCBS 239 for example, taking a closer look at the principles at the core the paper is asking for a high quality enterprise data warehouse with a high degree of integration, a mature data quality management system and an enterprise architecture management.
- These requirements are not new in other industries and in some sense also not for the finance industry. They were just never really have-to dos to succeed, or were they?
- Concepts are readily available to provide answers to the change demand the regulator is pushing for. Even for the regulations that do require new rules.
- For completely new rules concepts are also available on how to bring about the changes in the organization to comply and arguably also on how to maybe even make it an competitive edge if you comply effectively and skillfully.
- So what are those concepts available? – Best Practices
- A comparison may help make a key point. If you would like to prepare a meal you have never made before. How would you go about fixing it?
- A cook book would be very helpful. Somebody has fixed the meal before, maybe even fine tuned it and has written down the instructions on how to fix it. All you have to do is follow the guidance, get the ingredients and follow along. Chances are your
meal will turn out just fine and tasty and if not the first time then by practices the 2nd time. By the 4th time you will add your twist and adjust the recipe to your liking.
- Absolutely the same is true for best practices available.
- Decide which ones will suit you. Make sure you have the ingredients (leadership, human factor to name two key ones), establish a strategy – a plan – implement and adjust.
Sample list of some best practices
- ISO 9001:2015 – International Organization for Standardization
- CMMI – Capability Maturity Model Integration – CMMI Institute
- Project Management Body of Knowledge (PMBOK®) – PMI
- Portfolio, Programme and Project Offices (P3O®) – AXELOS
- Portfolio, Programme, and Project Management Maturity Model (P3M3®) – AXELOS
- Business Analysis Body of Knowledge® (BABOK®) – IIBA
- COBIT 5 (Control Objectives for Information and Related Technology) – ISCA
- ITIL 2011 edition – AXELOS
- Enterprise Risk Management – Integrated Framework – COSO
- TOGAF® – The Open Group
- Data Management Body of Knowledge – DAMA®